COSCO wins $26m contract

Its subsidiary COSCO Shipyard Group secured the deal from a South East Asian company to build one semi-submersible barge.

The vessel has a deadweight capacity of 32,000 DWT and is scheduled for delivery in the second quarter of 2012.

The contract is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31st December 2011.

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